Lendbuzz is looking to help dealers get financing for applicants with thin to no credit history.

Last week, the fintech company launched Express Contract, its expedited approval offering that uses Lendbuzz’s proprietary Artificial Intelligence Risk Analysis (AIRA) to approve and fund qualified loans in a fraction of the time it takes using traditional methods.

From qualification to approval, Express Contract takes under three minutes, saving up to 30% of the time it would normally take dealers and borrowers using traditional lending processes.

Lendbuzz highlighted that other key benefits for dealers include:

—Faster decisions: Qualified deals are approved fast — total time from start to approval is less than three minutes — with DocuSign contracts delivered directly to the buyer.

—Increased deal flow: 24/7 underwriting enhances deal-closing potential.

—Real-time notifications: Alerts appear instantly in the dealer dashboard when deals qualify for Express Contract.

—Decreased overall time: Cuts 130 minutes from a process that can run from hours to even days.

—All-digital process: Express Contract utilizes Plaid to verify income, expenditures, and debt directly from bank accounts, minimizing paperwork and hassle.

“Not only are we successfully leveraging AI to get a more accurate, real-time view into a borrower’s credit worthiness, but we’re also leveraging AI to completely automate the verification process.” said Lisa Toerner, vice president of product management at Lendbuzz. “This innovation is exactly what dealers and borrowers have hoped tech automation would be able to unlock for them to save time and close deals.

“Other lenders lack the ability to successfully automate approvals for limited or no-credit customers often resulting in long approval times, or worse, reversals of their decisions after a lengthy, manual underwriting process,” Toerner added. “Lendbuzz tackles this problem using 360 degrees of automation, ensuring great rates, fast approvals, and higher conversion.”

For more information about Lendbuzz or Express Contract, visit www.lendbuzz.com.